Japanese crypto exchange firm, SBI VC Trade is optimistic the price of XRP can touch $0.6297 in its latest report detailing the outlook of the coin following its legal victory.
SBI VC Trade, a subsidiary of SBI Group, one of Ripple’s top allies, maintains an optimistic outlook on XRP. Despite the obvious headwinds ahead, the company maintains a conservative target of $0.5645 for XRP, a point that depicts where the 100-day moving average lies.
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臨時レポートを公開?
暗号資産 #XRP リップル社裁判その後
＼目次
✅2023年7月13日の判決までの経緯
✅2023年7月13日の判決以降の動き
✅今後の展開
✅今後のXRP相場レポートを読む?https://t.co/mHckuShgHt#sbi #sbivc #Ripple pic.twitter.com/QNPUsbdRnz
— SBI VC Trade (SBI VCトレード） (@sbivc_official) October 25, 2023
SBI VC Trade Unveils its Prospects for XRP
In the report, SBI VC Trade highlighted the erratic growth pattern of XRP since the July 13 ruling. While XRP soared to a high of $0.9359 following the positive court ruling, SBI observed that a wave of profit-taking swept the coin back to a low of $0.4405 on August 18.
XRP rebound from this level is steady, first rising to $0.5480 on October 3 on the back of the rejection of SEC’s interlocutory appeal. After this rally, XRP also soared temporarily to $0.5860 on October 24 when the expectation of the Bitcoin spot ETF hit its highest level for the month.
Amidst these upswings, SBI VC Trade identifies the SEC’s appeal rejection and the dismissal of charges on Brad Garlinghouse and Chris Larsen as the pivotal triggers that sustained XRP this month.
The Japanese firm, however, cautioned against the expectation that XRP will continue its upward journey unhindered. The firm cited the impacts of the Russian-Ukraine brawl and the Israel-Hamas conflict as major global economic headwinds that might impact the accumulation of XRP.
The optimistic forecast of $0.6297 despite these challenges is in line with the firm’s price predictions which places XRP above the $0.62 support level.
XRP Fundamentals to Watch
SBI VC Trade pointed out the potential surge in the use of XRP as a key component of international remittance services.
The exchange underscored the importance of XRP’s latest legal clarity in the US, a development it believes will drive the adoption of the coin by retail investors in the near term. The report finally pointed out that should XRP liquidity be secure, it will accompany the stability of XRP price.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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